Wealth Management Trends Reveal Opportunities and Voids
Changes that began to surface in the wealth management realm in 2008 are expected to be realized this year.
Aite Group offered that forecast in a new report, “Top 10 Wealth Management Trends in 2012.” The Boston research firm said many of those trends impacting the industry this year will affect business models, profitability and investor requirements. As a result, credit unions and other financial institutions may have to quickly and frugally rethink the way they do business in order to be successful in a challenging market environment.
Holistic and multigenerational advice along with new investments in online and mobile platforms targeted at these high net worth clients will become even more central, according to Sophie Schmitt, an Aite research director and a co-author of the wealth management report.
“The challenge for banks will be to balance making the necessary investments to capture investment assets while still meeting profit goals,” Schmitt said. “Ultimately, banks are going after the wealth management business to recover revenue on the retail banking side that was lost following the Durbin amendment and implementation of the checking account overdraft rules.”